Capmark Financial Group Inc. has taken a step toward selling its North American servicing and mortgage banking businesses to a joint venture owned by Berkshire Hathaway and Leucadia National.

Capmark Financial, which has been trying to restructure its debt to remain in business, has agreed to an option to sell the servicing and mortgage businesses to Berkadia III, LLC. Capmark Financial, which primarily operates as a commercial real estate financial firm, received $40 million in cash for the option and would receive up to $490 million more if the sale is completed.

If the deal gets done outside of bankruptcy court, Capmark Financial would receive $375 million in cash at the closing. Berkadia would hold $40 million to cover indemnity claims and pay an additional $75 million note less any losses on a portfolio of mortgages.

If Capmark is forced to file for bankruptcy protection, it would receive $415 million in cash and the $75 million note.

Capmark, which reported a $1.6 billion quarterly loss Wednesday, has been in discussions with its lenders and bond holders to restructure its primary debt obligations.

The financial services firm is also facing a Federal Deposit Insurance Corp. administrative order that would place certain requirements and restrictions on its banking unit, Capmark Bank. The requirements include submitting capital and liquidity plans to the FDIC.

Like many other financial services firms, Capmark has been hammered by mounting loans losses. Analysts have been predicting that commercial real estate defaults will continue to rapidly increase, similar to how the residential real estate market fell apart beginning in 2007.

The Horsham, Pa.-based company set aside $345.8 million to cover loan losses during the quarter ended June 30, compared with $10.4 million during the same quarter a year earlier.